Judge overrules injunction stalling Boeing-Embraer venture
RIO DE JANEIRO (AP) — A temporary injunction freezing a joint venture between airplane manufacturers Boeing and Embraer has been overruled by a Brazilian justice.
The ruling was made Saturday morning by Federal Court President Therezinha Cazerta, who said that the matter is outside the court’s purview.
The $5.26 billion venture was stalled by a similar court procedure earlier in the month.
Labor unions say that it’s actually a sale and will move most of the business to the U.S.
Under the current terms, Boeing is to receive 80 percent of the venture and Embraer the remaining 20 percent. The subsidiary is expected to take on all of Embraer’s commercial aviation activities.
The agreement between the two companies is championed by Embraer as necessary to keep the company competitive.
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